Corporate travel used to mean a business trip for two, but now it can be anything from lunch to a team-building event. It is an integral part of doing business. The best way to get the most out of your corporate travel budget is to ensure you’re getting value for your spending. To achieve this, it’s a good idea to know what you’re paying for in business travel and where you can save money.
Chapter 1: Dynamic Travel policies
- What Is a Dynamic Travel Policy?
Chapter 2: Bleisure
- Why You Should Add Bleisure Into Your Travel Policy
Chapter 3: Corporate Travel Insurance Policy
- Does Corporate Travel Health Insurance Address Recent Changes?
Chapter 4: Corporate Management Technology
- What Corporate Travel Management Technology Can Do For Your Business
Chapter 1: Dynamic Travel Policies
What Is a Dynamic Travel Policy?
A dynamic business travel policy is like a traditional business travel policy. However, the difference lies in its ability to change rules. It allows for more flexibility and creativity as they can adapt according to what’s available during booking.
What are the Benefits of Having a Dynamic Policy?
The most notable benefit that a dynamic policy provides is flexibility. Under a traditional plan, one would stay forced into rules even with better opportunities. There is no room to adjust the budget to take advantage of lower-priced dates, venues, or current promotions.
A dynamic policy often means no restrictions are present when designing and building a travel schedule. Instead of getting the same package, you can get the most out of your money by booking each component separately. For example, one could get a more affordable flight of the same quality to get better accommodation after touching down.
Travellers can also have the ability to adjust their budgets to accommodate these changes. Many understand that travel can be unpredictable to a degree which is why money must always be able to adjust. There are also preferences to consider.
Some of your employees may want cheaper flights to have more of the budget at the location. Some may cut the frills from one part of the travel to make room for others. Not only does this save money, but it also makes the most of it when used.
Apart from that, you’ll also keep employees happy when they know they have the room to control their budget. It’s easy for them to comply with the policy when it’s flexible enough to meet their needs.
How to Create a Dynamic Policy
Any new dynamic policy needs the ability to adjust. Don’t set a strict limit for the budget and the other elements. Put in guidelines that help direct the travellers’ decisions. That means you shouldn’t limit their ability to choose an airline, accommodation, rental, and more.
Once you do that, then more options open up. It also allows you to back out of situations that don’t favour your company. For example, a recent virus outbreak at the destination can lead you to back out, saving employees and money. In a traditional scheme, everything may already have a booking, leading to losses.
Instead of giving them one option, place preferred vendors they can choose. You can also set a limit to the total budget rather than on one element. That way, they can cut and move the budget as they see fit.
Lastly, your policy should stay dynamic even after its first iteration. No guide is perfect at the start, and you may need to make adjustments as you go along. You may also want to heed suggestions from people in the company with more experience handling travel and budget.
A dynamic travel policy is a preferred method for companies in today’s world. It gives employees the ability to use the budget where they can maximise its value. You don’t have to force a hotel chain or an airline to save money.
Because prices in travel change all the time, a dynamic policy will lead to better results for travelling.
Everything starts with the policy. Craft your policy so that it becomes more of a guide rather than strict rules to follow. Give your employees options, and you’ll be thankful you’re using company money wisely.
- Don’t be afraid to adjust your travel policy over time, as it will not be perfect after its first iteration.
- A dynamic travel policy will benefit the company by maximising its budget and keeping employees happy.
- Flexibility with travel is necessary in a world with the threat of a pandemic.
- A dynamic travel policy means that people have the power to be creative with their planning.
Chapter 2: Bleisure
Why You Should Add Bleisure To Your Travel Policy
Many millennials have a new type of work-life balance that revolves around the idea of “bleisure” travel. An updated corporate travel program may be the solution in an era where many companies are trying to attract millennial talent.
The rise of bleisure sparked because of business travellers who want more from their trips. Here are some of the reasons you should consider adding bleisure to your travel policy:
Today’s workforce has become accustomed to the flexibility of their working environment. They’ve become used to balancing work with other responsibilities throughout the day. Combine that with the need for travel due to past lockdowns, with all the pent-up wanderlust, and you have a formula for a workforce that wants more out of each trip.
Giving them the ability to extend business trips for pleasure gives a more positive outlook on the company. It shows that you trust them and have confidence in their abilities to meet the requirements. With the complexities of balancing work and personal life, many are thankful for this option.
Companies are also becoming more comfortable with employees spending more on trips. After all, it helps boost their mental health, increases retention, and improves job satisfaction.
Those who are experiencing bleisure have more motivation. It’s also a way for companies to integrate health insurance into their plans naturally. Since they are travelling more, the need for it becomes apparent.
Accommodation & Expenses
Bleisure is not just about attending meetings, conferences, and doing work. It’s also about making the most of their days outside the usual environment. It allows them more flexibility when it comes to their expenses.
They can spend their free time staying active, sightseeing, or experiencing their new location. It creates an avenue for co-workers to bond while also removing much of the burden off their shoulders. Even if they were there in a business capacity at the start, it pays to have these added benefits.
Apart from that, employees have more freedom when choosing accommodation. It means you can find places that provide value in price while maximising their experience.
One of the ways to motivate workers to attend trips is to allow family or friends to come along for the ride. It’s a more common trend than you think and has been beneficial when providing workers’ output. They are more likely to comply and work hard during a trip if they know they’ll get to spend time with loved ones after it.
Integrating bleisure makes it easy for employees to book trips that match their preferences. Not everyone is the same, so mixing in a dynamic policy within your booking makes the most sense. Adding leisure to a business trip makes it more rewarding, not only in a personal aspect.
Happy employees will likely be more successful, and as driving forces within your company, you want them to be at their best. A bleisure plan works best for a more dynamic booking protocol where they can choose what matters most to them.
Work Availability or Vacation?
You’ll find that more employees are available and will likely take fewer vacations if bleisure is a part of the company culture. Since the trip is a mix of leisure and work, companies can make the most of it.
Having employees attend to business while giving them time to relax and enjoy the trip can be a morale boost. Millennials can maintain their work-life balance, and need only go on necessary vacations for the most vital events.
They may even bring family members on trips meaning they can celebrate birthdays or other events alongside the business trip. Bleisure appeals to all employees, and many talents would jump at the idea of a company providing them with these opportunities.
- Bleisure ticks all the right boxes when it comes to the work-life balance that millennials desire.
- Employees are less likely to miss work opportunities like these if they know that leisure is a part of the package.
- Bleisure makes employees happy and improves their mental health. It increases the chances of them staying with the company and working motivated.
- Bleisure works well with a dynamic travel policy. It allows employees more control over accommodation and expenses.
Chapter 3: Corporate Travel Insurance Policy
Does Corporate Travel Health Insurance Address Recent Changes?
Nowadays, the main idea is to stay flexible while using fewer resources. With this development and the growing importance of remote work, companies are moving towards a digital way of working. However, it might get complicated if corporate travel policies don’t fit the new way of doing business.
Here are some of the changes you should address:
Even with vaccinations, COVID-19 continues to remain a threat. Its effects can vary from nuisance to potentially deadly, with variants remaining an issue today.
Travellers are always susceptible to illnesses. The insurance policy should cover this possibility.
Even COVID-19 can lead to unexpected medical expenses and other potential issues. If they’re stuck in a place waiting to recover, they should have the confidence knowing that the company covers them. The policy should also prepare for the worst-case scenario if a traveller faces long-term injury or loss of life.
Another aspect that businesses need to adapt to is remote work. Traditional insurance policies don’t cover the needs of employees working outside the office space. The common trend is that people only need to go to the office at least once or twice while doing the rest of their responsibilities at home.
As such, insurance should be able to cover them no matter where they are. It can be helpful since some locations have more expensive healthcare costs than others. You may even want to consider an international plan if you have workers from other countries.
It all depends on your needs and the composition of your workforce. Insurance protects them from unexpected events, especially as they begin travelling around. It also protects your company in case of a liability issue.
Another rising trend in the business world is the increase of digital nomads. These people are not only working remotely, but they often jump from country to country.
Many locations are now more flexible when adopting these nomads. They need more people to come in while maintaining a protective arm against COVID-19.
However, the biggest issue for a company when dealing with these digital nomads is insurance. You’re dealing with people who will be travelling for more than a year, doing work while under your banner. You’ll need something that can cover them globally, providing them health benefits no matter where they are.
This type of insurance isn’t necessarily for emergencies but provides the care needed while living in another country. It may not be so extensive if the digital nomad travels for only a few months.
Despite that, your policy should always cover the possibility. Travellers could always spend more time than intended in another location.
The good news is that more countries are adopting visas for digital nomads. Insurance companies also recognize these trends and are now creating policies to match.
- Corporate travel health insurance should prepare for eventualities and possibilities. The events of the last few years exposed risks that many weren't aware of before.
- COVID-19 remains a threat, and policies should prepare for it as more people begin travelling.
- Insurance should address remote workers, whether domestic or international.
- Choosing an insurance plan should depend on your company’s composition and what would benefit you the most.
- Digital nomads are becoming more common, and insurance policies should also account for that.
Chapter 4: Corporate Management Technology
What Corporate Travel Management Technology Can Do For Your Business
Travel management software enables businesses to streamline the travel process. It saves time and lowers costs. Companies who manage travel this way will have more productivity and efficiency.
That’s not all, as travel planning can be a very stressful endeavour. When staff members need to plan their trips, ensuring a smooth experience can be one less thing that occupies their worries. Here are the benefits of integrating new technology to travel management:
Simplifies Business Travel Management
Technology makes business travel management convenient and secure. Employees can manage everything about their trip in an application or platform. It can be very stressful trying to track all the details about the trip without it.
Integrating software can help people plan their trips while staying transparent. The technology can help them find information or deals that can benefit them. It also protects their details from potential attacks.
Ensures Compliance with Travel Policy
Today, you can integrate your travel policy with technology. You are setting limits and guidelines without having to remind people about them. Your integrated software could filter the possible travel options during the planning phase.
Not only that, but you can also integrate the information on travel into your business database. You’ll have complete information, and it ensures that reporting happens automatically.
Technology can quickly browse hundreds of available options and narrow it down to the best choices. Back then, it wasn't possible to see all the discounts and price drops on locations. Today, employees can go for the best trips and accommodation that make the most of their allotment.
Overall, investing in technology reduces costs as it brings more out of the budget you set. You’ll also spend less time on trip planning, meaning employees will have more time for other vital things.
Improves Employee Experience
The advancements in technology have helped life become more comfortable and convenient. The same goes for travel, as you want employees to be able to process everything without delays or issues.
It can be gratifying knowing that you have everything set, even before the trip. With technology, you can also adjust on the fly if something unexpected occurs.
Handles Travel Risk Assessment
Technology is up-to-date and will inform you of any developments before the trip.
For example, you’ll know when a COVID outbreak happens at the location, leading you to delay the trip. That way, you prevent any unnecessary risk for travellers before expenses begin. Another example would be the Hong Kong riots which made it highly difficult to access travel lines.
At the heart of these developments are machine learning and artificial intelligence advancements. It’s a round-the-clock workforce that continues to analyse data on our behalf.
They can filter information. It prevents people from travelling to locations with recent calamities, shootings, or outbreaks.
Travel will be safer, and your employees will thank you for the steps you are taking. It adds no strain to your workforce as everything happens automatically.
Tracks Carbon Footprint
What’s great about technology is that it also helps advance other business priorities.
The environment has taken a backseat in the past few years. However, you can now contribute through applications and other developments. You and your employees will be able to understand the impact of each decision and adapt.
Consumers are still conscious of the brands and businesses they support today. By knowing your carbon footprint, you are showcasing your care and concern. Not only does this display to the people outside, but also your employees.
Even a simple change in the itinerary can help your company reduce its carbon emissions. There’s no longer any need for suppositions or time-consuming analyses to contribute. Technology can do what wasn’t possible ten years ago.
- Today’s technological advancements make travel planning and management better.
- Adopting new technology increases employees' chances of compliance. This works both in terms of adhering to travel policy and reporting requirements.
- You can track risk and carbon footprint using machine learning. You’ll know when to cancel or delay trips before committing company funds.
- Technology makes lives easy, and that goes for corporate travel too.